On April 29th, 2019 Oklahoma Governor Stitt signed the Pass-Through Entity Tax Equity Act of 2019. The Act allows pass-through entities (PTEs) to elect to pay Oklahoma income tax on its earnings. The Owner/Shareholders of these entities then exclude the Oklahoma source PTE income from their individual Oklahoma income tax returns. The good news: The […]
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IRA, Simple IRA, SEP, and 401k Contribution Limits for 2020
2020 2019 2018 IRAs IRA Contribution Limit $6,000 $6,000 $5,500 IRA Catch-Up Contributions 1,000 1,000 1,000 IRA AGI Deduction Phase-out Starting at Joint Return 104,000 103,000 101,000 Single or Head of Household 65,000 64,000 63,000 SEP SEP Minimum Compensation 600 600 600 SEP Maximum Contribution 57,000 56,000 55,000 SEP Maximum Compensation 285,000 280,000 275,000 […]
Read more...Health Savings Account Limits for 2020
For 2020 Self-Only HDHP* coverage […]
Read more...Separation and Divorce: When It Comes to Taxes, Breaking Up Can Be Hard to Do
Not much is harder in life than going through a separation or divorce. Figuring out how to handle your taxes before, during, and after a divorce is right up there with the most difficult of challenges. So, before you make big moves to separate or divorce, know the potential tax consequences, and take steps to […]
Read more...Is Your Business Considered a Hobby by the IRS?
Very frequently tax preparers are asked to provide clarification on IRS rules that they heard from a friend, neighbor or colleague. Usually some part of the statement is true; however, there is always more to the story or it may not apply to that person’s specific situation. If you’ve heard the statement, “You can’t deduct […]
Read more...New Tax Bill Highlights for Businesses
As I am sure you are aware, significant tax legislation was passed and signed into law at the end of last year. Most of the changes take effect in 2018, except where noted. These are changes that affect businesses. If you are looking for changes that affect individuals, go to our website and click “Taxes” […]
Read more...New Tax Bill Highlights for Individuals
As I am sure you are aware, significant tax legislation was passed and signed into law at the end of 2017. Most of the changes take effect in 2018, except where noted. These are changes that affect individuals. I will address changes for business owners in a separate post. This is not meant to be […]
Read more...Income Shifting: SAVE Thousands in Taxes
Want to save money in taxes WITHOUT working harder? One way is to shift income from a higher bracket taxpayer to a lower one or even a zero rate-bracket. Typically, splitting the income between family members by hiring them to work in the business will save thousands in taxes. An example is shifting income to […]
Read more...Five Tips to Make Tax Time Less Painful
Tax time is probably not your favorite time of year, especially if you have to pay the government your hard-earned dollars. Here are five tips on how we can make it just a bit less painful. Have patience. Practicing patience will go a long way when you’re dealing with taxes. Keep in mind that for […]
Read more...Failure to File and Failure to Pay: Are You Headed for T-R-O-U-B-L-E?
The old saying goes, “There are only two certainties in life: death and taxes.” Have you ever wondered what would happen if you filed your tax return late or worse, did not file at all? Well, you are looking for trouble if you do not file your tax return. If you do not file an […]
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